Arena trading system

Arena is a BVB brand representing a technology platform designed and developed in-house.
It supports the services for all companies, member of the BVB Financial Group, which run trading and post –trading activities, and is also used by the participants to the systems administered by the Group’s member companies.

A versatile system for trading, clearing, settlement and registry operations for spot and futures.

Bucharest Stock Exchange, Central Depository and Bucharest Clearing House run their core operations on this platform

The platform supports

shares

bonds (clean price quoting)

bills (yield quoting)

futures

Trading

order driven markets with continuous, auction and fixing matching phases

a new flexible allocation combined with the trade split facility for custodians

better risk management

additional degree of freedom in operations management

lower internal latency in order execution

additional intensive quoted instruments

Increase system capacity of Arena

The processing capacity of Arena increased by 100%

Number of quotations allocated to the market-makers and to liquidity providers doubled

Decrease the order instruction total round-trip time with 50%

A new flexible transactions’ allocations process in the post-trading phase of the market

Increase the trading efficiency (grouped trades execution, change in the user’s behavior - focusing the trader’s activity on best execution on trading, not on operational details)

A better risk management by using the segregated accounts of trading and settlement, and a clearer separation of the participants’ activity at the front/back office level

Introducing Trading at last, new order types

Implementing the “trading at last” mechanism, the investors (including the institutional/ foreign investors) may benefit from a distinct period of entering orders at the determined closing auction price, in order to execute adequately their orders at the relevant price registered.

Cross trade execution

New FoK execution terms, new validity terms of orders related to the market stages (Valid For Opening, Valid For Closing, Valid For Auction)

T+2 settlement cycle implementation, as of October 6

2010

ARENA eXTended – broker-side platform for the participants to the BVB trading system

Arena Trading - Connectivity

The central system offers diversified solutions for connecting to the platform, from trading terminals that connect directly to the trading system to specially developed interfaces (Gateway API, FIX) for platform integration with the market participants’ systems.

Arena Gateway is an application that acts as a message intermediary between the participant systems and the stock exchange central system. It provides request/response services, event based services as well as connectivity. Using a TCP/IP XML based messaging system it will receive commands from the participant systems (gateway client), send them to the central system and provide responses and market data events back to the client.